"Biogen might want to increase its stake but want to see Targeted more focused on its lead product and have fewer excess employees around," he said.

Alan Leong, research director for Seattle-based Biotech Stock Research, said some of Targeted Genetics' other products have stumbled in clinical trials. "That hurt their perceived value," said Leong, who said Parker is known as a good manager.

Targeted Genetics also has until late May to avoid possibly being removed, or "delisted," from the Nasdaq.

To avoid that, the company needs to bring its shares up to $1 for at least 10 straight days. In regular trading Tuesday, shares closed at 48 cents, down 2 cents from Monday.